Associated Banc Corp Sells 4,194 Shares of Starbucks Co. (NASDAQ:SBUX)

Associated Banc Corp cut its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 4.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,940 shares of the coffee company’s stock after selling 4,194 shares during the period. Associated Banc Corp’s holdings in Starbucks were worth $8,671,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL purchased a new position in Starbucks in the second quarter worth $25,000. New Millennium Group LLC purchased a new position in shares of Starbucks in the 2nd quarter worth about $26,000. Stephens Consulting LLC grew its position in Starbucks by 498.2% during the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after buying an additional 279 shares during the period. Hobbs Group Advisors LLC purchased a new stake in Starbucks during the second quarter worth about $27,000. Finally, MFA Wealth Advisors LLC bought a new stake in Starbucks in the second quarter worth about $31,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Rachel Ruggeri sold 1,452 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $99.07, for a total transaction of $143,849.64. Following the transaction, the chief financial officer now directly owns 65,648 shares in the company, valued at $6,503,747.36. This trade represents a 2.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction on Friday, September 6th. The stock was bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the transaction, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The trade was a 1.06 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

SBUX has been the subject of several research analyst reports. UBS Group raised their price target on shares of Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. BTIG Research boosted their target price on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and upped their price target for the company from $80.00 to $120.00 in a research report on Wednesday, August 14th. Barclays decreased their price objective on Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Finally, Morgan Stanley increased their target price on shares of Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $102.81.

Starbucks Stock Up 0.1 %

Shares of Starbucks stock traded up $0.11 during trading on Monday, hitting $102.61. 990,723 shares of the stock traded hands, compared to its average volume of 11,018,819. The firm’s fifty day moving average is $97.11 and its 200-day moving average is $87.19. The stock has a market cap of $116.34 billion, a price-to-earnings ratio of 30.97, a PEG ratio of 3.00 and a beta of 0.97. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $103.32.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same period last year, the firm posted $1.06 earnings per share. The business’s revenue was down 3.2% compared to the same quarter last year. On average, analysts forecast that Starbucks Co. will post 3.12 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a yield of 2.38%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. Starbucks’s dividend payout ratio is presently 73.72%.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.